quarter XXXX Thank you, everyone. I fiscal Sean, financial and good will third our cover on and evening, outlook. our comment performance
conventional $X.XX were the last business legacy $X.XX compared billion, XXX% talk sales billion, I'll comparability business. quarter Let's increase ago a or a the SUPERVALU approximately quarter start conventional include net billion, net from versus a $X.XX QX moment. to QX or of conventional which with an full year. and The our in again third of results, year added contribution about sales
the UNFI's Inflation highest approximately QX accounted experienced represents inflation natural In higher on which the to equates since conventional points than Legacy of business of approximately third we've remainder, X.X%. the basis for side XX of of fiscal sales X.XX%, natural business. year-over-year on the which quarter, seen XXXX. we was the net growth the
into SUPERVALU from are legacy reminder, UNFI's sales channels. a a out historic channel net As perspective, broken
of net in Conventional versus conventional sales. sales billion approximately of last net represented and $X.XX XXX% UNFI business. pointed versus the supermarket and Sean XX.X% the QX, of were quarter total comparable the when part channel X.X% last as represented supermarket of year, out not was For QX, third grew a year decline
year. versus this legacy Excluding net QX channel business, acquired last conventional by would X.X% decreased have supermarket UNFI's sales
a was customer that note of in Please program. cross-stock a a ago UNFI year SUPERVALU
company, lower get company therefore, duplicative last cross-stock X.X% and for sales recognized QX As each net a growth In sales, are results Adjusting by recognized as net once, last cross-stock reflected net channel these sales. sales the year-over-year. only result, supermarket these the have versus year's program sales independently year. would net decreased consolidated natural combined
of the represented grew Net XX.X% net sales. independent sales in channel approximately total and XX.X%
Excluding the independent impact have conventional of volume the sales acquired grown channel approximately would X.X%. net
total Third net QX XX.X% net represented over sales. of quarter and year supernatural sales grew XX.X% last
X.X% primarily of net declines net the where the by lower from yet cycled XX.X% Lastly, XX.X% sales. decreased we Natural grew represented and sales our e-commerce declines driven rationalization this have channel in businesses. of by total channel not profit other
gross net largest points of of conventional XXX change for a margin the driver third sales, margin turn year. this last was of The to basis a business, compared the the of Gross gross Let's XX.XX% period margins. rate. quarter impact the to operates year-over-year which lower was same decrease at mix adding
impact may year, You a purchases. in we $XX.X recorded inventory resulting for million in that to accrual favorable margin change our QX to last related a from estimate gross recall also
It and business impacted customer where QX to a the have of favorable year we gross majority where gross extent with year's customers related negatively with to is mix within last outpaced by shift a growth This with gross margins that compared QX and higher the have the margin growth where we also the and was lesser the prior. last estimated quarter was in third margins. impact customers natural lower year QX to to remainder associated
in in again of QX in back is back line the and with last year. having after freight headwind been a expectations Inbound improved expense half fiscal sequentially
net represented that QX approximately in expense sales. LIFO points non-cash XX recorded of we Finally, basis
seven a last driven XX.XX% XX and offset expenses largely and Third in increase an by points basis depreciation synergies. sales, in of basis year, compared totaled net by cost XX.XX% point to quarter increase acquisition-related of operating amortization QX
as fuel In sales, natural net represented sales. compared XX decreased QX of quarter, cost a our percent the to by basis basis points of net of third distribution business and points three XXXX fiscal
approximately of for or comparable year, Our over last basis diesel Energy's while per X.X% in the QX increased points was gallon per $X.XX gallon approximately Department XX cost average QX versus up diesel fuel period. the of national
acquisition-related for net to expense compared million was million $XX.X million points XX synergies. discontinued points year. of QX XX QX's which year. basis was of excludes Operating compared The last primarily income operating in to compensation income basis improvement was share-based quarter, and represented to last $X.X sales operations QX the in third due $XX.X
income operating advanced QX color included of expense the to some by our provide acquisition million approximately work. $XX.X non-cash accounting the quarter additional as favorable $XX.X the and that was amortization we additional million depreciation goodwill that impairment charge of in second adjustment I'll taken on purchase and driven a shortly.
the income EBITDA increase million. also for discontinued compared accrual $XXX.X the totaled change last $XX.X to costs integration-related $XXX.X This comparison operating unfavorable relating includes year's of acquisition XX% QX and purchases. $XX.X million, inventory for million was and an quarter in of operations. to last third restructuring, EBITDA included the reported million year's to in that estimate Adjusted adjusted
include retail certain it of the is the requirement went remainder reminder, stores and the instead EBITDA operations. adjusted for to retail These As of instead include overhead GAAP costs rent benefiting continuing in remainder operations costs retail. retail-related operations related a -- in to discontinued expense costs in discontinued to retail the from of
operations consolidated in reason retail-related these costs The primary a is guidance requirement we on the EBITDA providing to adjusted basis. are continuing carry
release hope You'll of helpful. in adjusted that presentation EBITDA format I you we've this updated the find the press tables. notice
staggered end borrowing resulting effectively in annualized swaps $XX.X having At place, our of expense billion quarter, interest of interest portfolio, approximately rates of $X.X of with we rate in rate represents the approximately was approximately next X.X%. which had XX% the interest in third Net maturities million, an swap the six years. fixed debt average QX now over
million diluted pretax restructuring million favorable adjustment to of GAAP integration included costs. share, pretax the which $XX.X $X.XX fully the acquisition goodwill QX was and EPS per and $XX.X
adjusted EPS last acquisition-related and year, Excluding was income reduction of these primarily tax expense. interest by items $X.XX $X.XX per per press compared QX year-over-year related expense EPS items to described share in $X.XX share, release, was to in which and higher items previously driven outlined adjusted that smaller reform. operating I the in a few The excluded
million Next, I'll impairment the charge favorable address $XX.X adjustment.
purchase we of primary SUPERVALU's As assets, increase estimates the of initial assets. which intangible the the acquisition. fair net value an accounting refreshed goodwill efforts, a attributable The part acquisition-related our ongoing legacy affected to was to preliminary adjustment
In the preliminary to total, $XX.X in impairment the compared adjustment $XXX.X which of this favorable $XXX.X an million necessitated the charge million, fair charge estimates second --. value in resulted updated recorded to change year-to-date quarter million
to of value year for which of As the the of XXXX. net may a be acquisition, continue reminder, carrying one up acquired assets fiscal the SUPERVALU preliminary is close QX to following
elections capital working capital debt billion accounts were comp which tax related sequential payout accounts receivable more the included of QX working of billion impact XXX(g) payment QX. short-term and than at ending QX changes to $X.XX was end compared deferred the excluding payable, our inventory, offset liabilities. to $X.XX and by of in the improvements
Capital brings million the year-to-date to approximately sales. X.XX% approximately of sales, million total or the which were for $XXX or quarter net X.XX% expenditures of $XX
percent fourth the Pacific information quarter Northwest capital in We DC as investments. net primarily are expenditures technology the year-to-date expecting to higher due of and acquisition-related a sales than consolidation
of the debt the million March and $XX call. brings obligations QX. equivalents QX debt related to to tax reduction tax million million. which I on Outstanding our occurred since elections, was net total and $X.XX a cash in of reduction of XXXg balance payment This a $XXX net Xth lease net approximately mentioned end despite That since billion, of sheet the cash QX our capital end debt total $XX cash at reduction QX
million stores St. previously the approximately Shop center discontinued Save of recorded was from that operations which retail serviced in result we distribution sale net proceeds the of QX received stores the of primarily Louis. also and in in several In 'n a assets, and $XX sale non-operating
Moving to leverage.
X.X debt-to-adjusted approximately QX net leverage the excluding contribution hand, leases on approximately calculations These times. are a was our adjusted of to based EBITDA was of adjusted and on X.X debt-to-adjusted for ending times value our EBITDA EBITDAR conventional. less guidance adjusted leverage end XXXX debt from year fiscal and face full net QX include cash Our operating low
of we end lender of had $XXX million the based history. of balance At the liquidity credit commitments liquidity This asset outstanding lending highest combination facility our of in under company's available available QX, a sheet through represented level cash. the and
Let's our guidance for full fiscal XXXX. turn to full year We're the our GAAP year updating for outlook EPS.
We are now expecting of a a loss midpoint share. of diluted $X.XX to share which of at per a the share, improvement $X.XX the per $X.XX guidance $X.XX per versus is previous fully loss $X.XX to
The is $XX.X is driven improved three factors; EPS favorable adjustment. first, the guidance impairment million by
additional of brings expectation and the million acquisition Northwest and integration Pacific XXXX in an our estimate for restructuring, integration of to is primarily million. additional fiscal network $XXX DC our related restructuring, due to expenses which $XX realignment, Second, -- acquisition
low the Third, closer of the that of to to finish year range EBITDA March. we million adjusted $XXX we now in to the tracking end $XXX provided are million
has in higher run shrink we've Sean is previously higher charge are our anticipated. remains than at improving third, Several adjusted the earlier; that back March EBITDA; Sean of the $XX.X our $XX range factors that projected LIFO for net are sales full and second, for driving as are tracking first, stated as total the discussed we year Steve closer and inflation billion low to end provided than DCs expected billion but in our be reasons to March; higher to conventional also outlook
week As fiscal for our the that a Cub and continue of for Shoppers in year the remainder It own weeks. operate XX reminder, year. conventional fiscal includes both QX we business assumes XXrd the to also this and outlook and
Shoppers happen change or the to to the there's to to of As onetime diluted a year, guidance to regards of EPS that in the we divestiture per prior were With previous provided expect $X to fully would additional adjusted share we reminder $X.XX fiscal end no if March. of the Cub incur expenses.
Moving to taxes.
$XX at million for XXXX. fiscal operations less unchanged related remains for outlook business Our than to taxes cash
the As elections. we previously tax the that related indicated payment QX excludes made $XX million tax in XXXg to
elections As a as the from that acquisition to Albertsons quick treat loss capital the tax They business $X.X carry recap, asset a in SUPERVALU a allow than tax rather only XXXX. of utilize UNFI forward purchase purchase. an portion XXXg purposes generated the billion SUPERVALU significant for stock divestiture the of calendar
basis elections, step we which increased able tax future the obligations. fair taxable amortization lowers future acquired these provides reduces will market the of Under depreciation income be value, UNFI assets cash tax to to and up with and deductions, our
XXXg QX. To elections. Net payment, $XX we income of cash to tax achieve an ordinary $XXX XX the over in February expected the of expect the with cash XXXg next made a savings The estimated in million cash tax payment savings we for associated this tax tax, these benefits, related elections years. or generate million tax began as
least And net cost the to referenced $XX synergies savings anticipate to than cash incremental it's note fiscal a are greater cash tax at that earlier. For Steve important of that $XXX million. benefit XXXX, million tax of these we
is the expect and pay adjusted providing not an we XXXX. negative taxes would as positive adjusted tax expected an provide believe we Normally rate fiscal to cash tax as but given the adjusted we helpful earnings, GAAP rate in earnings
fiscal remind to the to in updated full fiscal year weeks the investors compared associated XX business XXXX a will XXXX. that our and weeks a for the as included be versus earnings will weeks XX-week guidance XX include like XX included conventional fiscal September I'd year-end in XXXX will each. be guidance and fiscal closing, commentary long-term on call In as Fiscal in XXXX well
turn I'll to call Steve. the Now, back
